The present invention relates generally to a method and system for purchasing, storing, exchanging, converting, transferring, and other advantageous uses of, stored value accounts, for example, accounts of frequent-flyer miles, shopping-stamp premiums, prepaid transportation tickets or badges (such as Transit Pass or EZ Pass) and long distance or other telephone card minutes. For ease in explanation, and with respect to a preferred system and method of the invention, reference will be made to an embodiment of the invention utilizing long distance or other telephone card minutes. Thus, for example, the present invention, in this embodiment, relates generally to a method and system for purchasing, storing, exchanging, converting, transferring, and other advantageous uses of, prepaid telecommunication-time units over a network, wherein the telecommunication-time has a value associated with the cost of local and long-distance telephone call minutes.
Prepaid telecommunications systems are well known in the art. Such systems allow customers to pre-purchase telecommunication-time for use later in placing telephone calls using normal telephones, payphones and more recently wireless telephone, and have proved commercially successful and desirable for several reasons. Prepaid customers avoid collect and operator assistance surcharges, and they can obtain long distance calling service without credit and without payment of monthly bills. Furthermore, telecommunication service operators prefer such systems because of the lack of bad-credit concerns since the cost of the call has been pre-paid by the caller. Up to now, prepaid telecommunications systems address the telecommunication needs of such subscribers and telecommunication service operators, but do not enable any other use for the prepaid telecommunication-time other than for placing telephone calls.
Furthermore, a large percentage of the customers preferring prepaid telecommunications services are lower income individuals who either do not qualify for traditional bank accounts or find them inconvenient and expensive because of minimum balance requirements, overdrawn account problems, poor customer service and long lines at pay day. Instead such customers prefer to perform traditional banking transactions and other financial services, such as check cashing, at special purpose check-cashing agencies which typically charge large fees in comparison with traditional banks.
In addition, many prepaid telecommunication customers often may perform frequent national and international money transfers. In such cases, the customer faces the inconvenience 10 of travelling to a local branch of a money transfer service, waiting for the transfer to be completed, and incurring the added expense of 20-30% transaction fees and unfavorable exchange rates.
Furthermore, many of these same individuals may be unable to qualify for a credit card, and are therefore unable to access the important commerce opportunities available on the Internet and through telephone-based catalog or mail ordering. Increasingly, goods and services are available at a discounted price, if not exclusively, when purchased at Internet websites via a credit card or in specialized telephone or mail-order catalogs. Individuals unable to access such commerce opportunities are at a significant financial disadvantage.
As aforementioned, systems that allow for the prepayment of telephone calls are generally well known in the art. For example a variety of prepayment telephone systems are disclosed in U.S. Pat. Nos. 4,706,275 to Kamil; 4,879,7444 to Tasaki, et al.; and 4,975,942 to Zebryk. A typical prior art system may be illustrated in Prior Art FIG. 1A. A subscriber 100 pays money at a step 101 to a vendor and purchases and activates a fixed amount of telecommunication-time or minutes at a step 102. Subscriber 100 will receive some validation and code information related to the pre-purchased minutes, typically by way of a prepaid calling card. These cards may also be purchased at vending machines or any variety of retail locations and may even be given away as a premium or bonus to a qualifying subscriber. Each card typically has a fixed price and is redeemable for a fixed amount of telecommunication-time, however, some systems let subscriber 100 purchase additional minutes. Redeeming these cards typically involves calling a toll-free telephone number to activate the minutes. First, subscriber 100 inputs their unique subscriber ID, which in the case of long distance prepaid systems is typically a temporary identifier, printed on the card itself and good until all of the minutes associated with the card are used up. In the case of a prepaid wireless system, the subscriber ID is typically a permanently assigned number and may be the unique ESN identifier associated with the wireless telephone handset itself, in which case subscriber 100 may not need to input the number if they are activating the calling card from their wireless telephone. Next, subscriber 100 inputs a unique card number printed on the card. The prepaid system authenticates this number and subsequently credits subscriber 100 with the appropriate number of minutes and deactivates the unique card number to avoid duplicate use. In cases where the cards have not been pre-purchased by the retail vendor, the company providing the prepaid telephone service later bills the vendor for the cost of the minutes provided, which the vendor collects, plus any profit margin, from the sale of the cards to subscriber 100.
Purchased and activated minutes are added at a step 103 to a prepaid minute account 108 associated with subscriber 100. Subscriber 100 can then place a telephone call 104 to a non-subscriber 106 (or any other individual) either by calling a toll-free number and entering a subscriber ID, or in the case of wireless prepaid systems, by using their uniquely identified wireless telephone handset. The duration of the call in minutes is measured in a step 105 and the result is subtracted from subscriber minute account 108 in a step 107.
While such prior art systems facilitate prepayment of telephone calls, they nevertheless do not allow advantageous use of prepaid telecommunication-time for uses other than making telephone calls. The openMEDIA prepaid telephone system created by Open Development Corporation, a subsidiary of Glenayre Technologies Inc. allows for a limited transfer of prepaid minutes between multiple accounts, but is restricted to those accounts assigned to the same subscriber. The openMEDIA system also does not allow subscribers to transfer minutes between subscribers, nor does it offer any services at all to non-subscribers, and thus does not satisfy many of the needs provided by the invention as described herein.
Typical prior art money transfer systems, such as those operated by Western Union and MoneyGram, are illustrated in Prior Art FIG. 1B. As shown, a sender 109 typically visits a local branch office 111 and fills out a form with the transfer amount and information about the recipient 116. Next, sender 109 makes a payment at a step 110 for the amount to be transferred, a transaction fee and additional exchange fees for international transfers to local branch office 111 and typically receives a receipt with a special transaction identifier at a step 112 and/or assigns a special test question for the recipient to answer. Sender 109 can then place a telephone call at a step 117 to receiver 116 to inform them of the special transaction identifier. In a step 113, local branch office 111 then electronically transfers the money to a remote branch office 115 closest to recipient 116. After some period of time, ranging anywhere between several minutes to several days, recipient 116 visits their local branch office (remote branch office 115), presents the transaction identifier and/or answer to test question and picks up the transferred money at a step 114. The high cost of the transaction, often 10 to 30 percent of the money transferred, plus currency exchange fees of these services, is one major disadvantage of such prior art systems. Another disadvantage is that, except in the case where the sender uses a credit card to send money via a telephone, each transfer typically requires both the sender and receiver to visit a branch office. This approach means that customers often must wait in lines both to send and receive money and that more branch office employees are needed, thus increasing the cost of providing the service.
Conventional banks also may offer electronic funds transfers to their customers. These systems allow customers to transfers funds to and from their checking accounts using the national Automated Clearing House (ACH) network. As illustrated in Prior Art FIG. 1C, an account holder 120 can send a payment instruction at a step 127 to a company 123 to instruct company 123 to either automatically deposit payroll checks at a step 124 into their checking account at a bank 105 (direct deposit), or have company 123 send a payment request at a step 126 to bank 105, requesting an automatic withdrawal of funds to pay a bill at a step 125 (electronic bill pay). Additionally, account holder 120 can arrange for money to be wired to and from their checking account at bank 105 by giving instructions to bank 105 at a step 121 as long as they have the appropriate checking account and bank routing numbers for both parties"" accounts. Although such systems, especially direct deposit and electronic bill pay, are becoming increasingly popular they are only available to holders of checking accounts and thus do not address the large and growing number of individuals who may not have bank accounts.
Conventional banks do however, have large numbers of checking and savings deposit accounts, which in actuality are already xe2x80x9cpre-paidxe2x80x9d accounts. Unfortunately, those bank customers that may appreciate the advantages that prepaid telecommunication service offer, such as fixed telecommunication costs and only paying for actual time used, must manage independent accounts with their telecommunication and banking service providers. These customers, having access to only prior art financial and telecommunication systems, suffer the disadvantage of being unable to instantly and conveniently interchange prepaid deposits and prepaid telecommunication time.
Prior art systems have recently appeared that enable customers to acquire prepaid debit cards, that once xe2x80x9cloadedxe2x80x9d with money, allow their users access to Internet e-commerce, telephone-based catalog and mail order commerce, and other credit-based commercial activities. However, these systems require the creation of a new distribution network to issue and receive prepayment for the prepaid cards. Similarly, prior art prepaid debit card systems require customers who also use prepaid telephone cards to manage multiple prepaid cards and multiple prepaid account balances leading to inconvenience and customer frustration. Customers may appreciate a system that allows a single prepaid account to be used for both telecommunication purposes and general commerce.
Conventional banks are currently exploring the use of stored value cards, known as Smart Cards, as a means of addressing the financial needs of lower income customers as well as the general population who may find them more convenient to carry than cash. Since these cards are pre-loaded with an amount of money by the customer for use at stores or payphones, they address some of the same bad-debt issues as prepaid calling cards. However, these smart cards are based on new and expensive technology and though successful in Europe, early trials in New York City have proven unsuccessful. Even if such systems prove popular in the future, the cost of widely deploying new terminals will be significant and will take many years to reach the current ubiquity of the present day telephone and ATM networks.
Thus, prior art prepaid telecommunications systems do not provide the financial services such as money transfer and prepaid minute redeeming desired by their customers; and prior art financial service systems, such as checking accounts, money transfer systems, smart cards and newer prepaid debit cards, do not provide the combination of ubiquitous access devices, such as telephones, with the convenience of a single prepaid account that can be used to acquire any good or service.
There is therefore, still a great need for a system that enables telecommunication companies to provide financial services to their customers while simultaneously enabling financial institutions to provide telecommunication services and telecommunication device access to their customers, neither of which is possible with systems of the prior art.
Generally speaking, in accordance with the present invention, a method and system for purchasing, storing, exchanging, converting, transferring, and otherwise advantageously using prepaid stored value accounts, such as telephone call minute accounts containing telecommunication-time units, over a network is provided. More specifically, and with reference to an embodiment of the present invention relating to a telephone call minute account, the method and system of the invention provides a subscriber account wherein telecommunication-time has a value associated with the cost of telephone call minutes and may be accessed by a wireless telephone, an ATM card or other access device. Even more specifically, the system and method allows its subscribers to access the value associated with any unused pre-paid telecommunication-time for uses other than placing telephone calls, such as for acquiring goods and services, and for transferring the associated value to others, especially such transfers to others overseas.
Unused telecommunication time has a market value, thus, pre-purchased telecommunication-time may be redeemed for goods and services also having a value. Therefore, the system and method of the invention provides a value added service to existing wireless telephone services, particularly pre-paid wireless services, and allow the subscriber to use their xe2x80x9cminute account,xe2x80x9d for example, as a stored value account. The system and method also provides a value added service to existing financial institutions, particularly those managing customer deposits, and allows the customer to use their deposit account, for example, as a xe2x80x9cminute accountxe2x80x9d for conveniently placing local and long-distance telephone calls. The system and method preferably allows a wireless telephone handset and an ATM card to be used by the subscriber to access their stored minute account and its associated stored value.
Furthermore, in a preferred embodiment, an automated telecommunication-time clearinghouse network is established. Membership in this network allows companies, such as prepaid telecommunication service providers (PSPs), telecommunication-time resellers and wholesalers and financial services institutions to provide their customers with the benefits of the present invention. The clearinghouse network facilitates the transfer and redemption of telecommunication-time between customers of each network member and furthermore provides a settlement process between network members in which all telecommunication-time trades between members are settled.
In practice, the system of the present invention allows its subscribers to perform a plurality of unit-minute-related transactions, which can be divided into three basic types, unit-minute purchase, unit-minute transfer and unit-minute redemption transactions. Before providing a summary of these transactions, it is useful to provide a summary of the notion of xe2x80x9cunit-minutes,xe2x80x9d which forms an important aspect of such unit-minute related transactions.
It is a fact of today""s market place that the cost to a telephone carrier of providing a traditional circuit-based telephone call depends generally upon the distance between the originating and receiving parties. Though newer flat-rate service offerings and packet-based telephony service offerings have recently appeared, the great majority of current telecommunication connections are still priced based upon the distance between caller and sender for the connection. Given this fact, it is obvious that systems that do differentiate between local, long distance and international calls may charge different rates for each call type. Furthermore, different companies may charge different rates for the same type of call. It then follows that a system, such as that of the present invention, based upon the notion of minutes as a purchasable, transferable and redeemable commodity must provide a means of converting and equating different minute types and company costs. The system of present invention addresses this need by employing the notion of xe2x80x9cunit-minutesxe2x80x9d, wherein unit-minutes are priced in the local currency of the country where the customer acquires the service and are generally related to the price of other minute types, such as local, long distance and international minutes within the same, and among different companies by a xe2x80x9cunit-minute to telecommunication minutexe2x80x9d conversion factor. Thus, the exchange quantum of the present invention is termed the xe2x80x9cunit-minute systemxe2x80x9d herein.
In the United States for example, a unit-minute may be valued by one company at any convenient fraction of a dollar, such as $0.10. Local, long distance and international xe2x80x9cminutesxe2x80x9d are then priced independently, based on telecommunication costs in that country. Dividing the price of a given country""s telecommunication minutes by the price of that country""s unit-minutes results in a xe2x80x9cunit-minute to telecommunication-minutexe2x80x9d conversion factor. For example, U.S. local, long distance and international minutes may, for one company, be priced at $0.20, $0.50 and $0.70 respectively. This equates to a unit-to-local conversion factor of 2, a unit-to-long distance conversion factor of 5, a unit-to-international conversion factor of 7. Therefore, a subscriber who purchases 50 dollars of long distance minutes at $0.50 a minute from Company A, would have purchased 50 divided by 0.5, or 100 long distance minutes, and would own 5 times that many, or 500, unit-minutes.
In France, however, unit-minutes are preferably valued in French local currency and thus may be valued at, for example, 0.1 Francs. Then, if local minutes are priced at 2 Francs, long distance at 4 Francs and international minutes at 6 Francs, a unit-to-local conversion factor of 20, a unit-to-long distance conversion factor of 40 and a unit-to-international conversion factor of 60 results. Therefore, a subscriber who purchases 60 francs of long distance minutes at 4 Francs a minute from Company B, would have purchased 60 divided by 4, or 15 long distance minutes, and would own 40 times that many, or 600, unit-minutes.
Since unit-minutes are always valued in terms of local currency, transactions that involve multiple currencies are generally handled using the following process. First, the unit-minute system calculates the monetary value, in the sending subscriber""s currency, of the unit-minutes about to be transferred. Next, in conjunction with currency exchange rate tables, the system calculates the equivalent monetary value in the receiving subscriber""s currency. Next, using unit-minute rate tables, associated with the receiver""s prepaid service provider, the system calculates the number of unit-minutes that can be purchased with the calculated amount of receiver currency. During this process the system also calculates currency exchange fees which will be charged to the sending and/or receiving person.
As described herein, prior art prepaid telephone systems typically allow customers to pre-purchase minutes by purchasing prepaid calling cards. The integration of the unit-minute system of the invention with prior art prepaid systems does not require altering this method of pre-purchasing minutes.
Most prior art prepaid systems also allow customers to purchase minutes via major credit cards. This is typically performed via an interactive voice response (IVR) interface in which the subscriber inputs their credit card number over the telephone, inputs an amount of minutes to purchase and then purchases minutes. The integration of the unit-minute system of the invention with prior art prepaid systems does not require altering this method of pre-purchasing minutes.
As described herein, in some embodiments of the invention, the subscriber""s unit-minute account is associated with a traditional bank account managed by a financial institution. This bank account may be a checking or savings account normally used by the subscriber or it may be a special bank account created specifically for the purpose of integration with the unit-minute system. In either case, an aspect of the present invention described herein integrates with the computer systems of the financial institution, to enable the bi-directional conversion between unit-minutes and their associated monetary value. In this fashion standard deposits made into such an associated bank account, such as direct payroll deposits, are automatically converted into unit-minutes, in effect, automatically purchasing telecommunication-time.
Check cashing companies may offer a similar service without establishing a bank account by combining their normal check cashing service with the selling of telecommunication-time. In this method, the proceeds normally remitted to the customer in cash would be used to purchase prepaid telecommunication-time, which would be added to the subscriber""s unit-minute account. Such a purchase could be offered at a reduced cost compared to performing the two transactions independently.
In a preferred embodiment, the unit-minute method and system of the invention is integrated with a telecommunication-switch that enables subscribers to access their unit-minute account using any telephone. In this embodiment, unit-minute transfers between subscribers are performed by the sending subscriber calling a special telephone number associated with the telecommunication-switch and inputting the desired transaction, including the receiving subscriber""s identifier (i.e., phone number) and the amount of unit-minutes to transfer. The unit-minute system then performs the transfer by subtracting the transferred unit-minutes plus any associated transaction fees, if any, from the sending subscriber""s unit-minute account and adding the transferred unit-minutes less any associated transaction fees, if any, to the receiving subscriber""s unit-minute account. The unit-minute system and an associated unit-minute automated clearinghouse network (UMACH) then handles the necessary unit-minute settlement process, including any issues which may arise from currency exchanges between members. In this case the sending subscriber""s PSP would owe the receiving subscriber""s PSP the monetary value associated with the transferred unit-minutes.
The system and method also allow subscribers to transfer unit-minutes to non-subscribers. In this method, sending subscribers transfer their unit-minutes to a redemption office account near the physical location of the non-subscriber where they are held pending the arrival of the non-subscriber. During the transfer process the unit-minute system assigns a special transaction identifier to the transaction and informs the sending subscriber of this identifier. This identifier can be thought of as a temporary subscriber identifier that is valid for only this transaction.
The sending subscriber then communicates this identifier to the non-subscriber who can then visit the redemption office, submit the identifier and then redeem the monetary value associated with transferred unit-minutes, in effect, surrendering the transferred unit-minutes to the redemption office.
Similarly, non-subscribers may be granted a temporary subscriber identifier to be used for transferring unit-minutes to subscribers or other non-subscribers. In this method, the non-subscriber is granted a temporary subscriber identifier at the time of unit-minute purchase and may then use that identifier either to activate the unit-minutes for their own use, or for purposes of transferring those unit-minutes to another party.
Although the previous examples have all focused on transactions involving individuals, the same method and system can be applied between commercial businesses. For example, a delivery business can use the service to receive value from a merchant for delivered goods.
Furthermore, although the previous examples have focused on transactions involving pre-paid minutes, the same method and system of the invention can be applied to credit-based transactions in the conventional manner. That is, the credit-granting entity assigns a maximum minute account amount (a credit limit) to the subscriber and the subscriber, when using the minutes, is extended those minutes on the terms of the credit agreement. Typically, this will involve re-paying the credit company, plus interest, for any minutes actually used on a monthly, or other revolving basis.
In a preferred embodiment, the system and method of the invention also provides a method for subscribers to access their xe2x80x9cminute accountxe2x80x9d from any ATM or retail point-of-sale, POS terminal. In this method, the subscriber is issued a debit card associated with their prepaid minute account. This debit card is configured and functions in the same manner as traditional checking account based debit cards, except that in this case, withdrawals trigger a reduction of unit-minutes equivalent to the value of withdrawal. Integration between the system and POS/ATM networks requires that the system and its associated corporate owner become a member bank within the financial network. Membership typically entails meeting certain network guidelines concerning credit worthiness and financial liquidity. In addition such memberships usually entail that the member becomes a governmentally registered and regulated bank. In an embodiment where a non-financial network member implements the invention, it may be advantageous to partner with an existing financial network member. In this method of integration, the system""s financial network interface would interface with the backend computer systems of the financial partner instead of directly with the financial networks.
The card may be used to make purchases at any merchant""s POS terminal, to make cash withdrawals at an associated ATM terminal, to place orders over the telephone or via online websites. There are two basic methods for enabling this integration. In the first xe2x80x9cmanualxe2x80x9d method, before redeeming unit-minutes via the debit card, subscribers must first transfer the unit-minutes to a redemption office account associated with a financial institution. The associated value of the transferred unit-minutes is then accessible via the debit card. In the second xe2x80x9cautomaticxe2x80x9d method, the withdrawal process triggers a process of the present invention, which automatically transfers the number of unit-minutes equivalent to the withdrawal amount, plus any transaction fees imposed by the unit-minute system or financial network, if any, to the financial institution that issued the debit card, in effect selling the unit-minutes. Later, through the UMACH network settlement process, the financial institution sells these unit-minutes back to the network in order to recoup the money issued during the withdrawal.
Another method of unit-minute redemption involves redemption offices affiliated with the UMACH network. In this method, the subscriber transfers unit-minutes from their account to the account of the redemption office, receiving system generated transaction codes during the process. The subscriber then visits the redemption office with these transaction codes and is given the monetary value of the transferred unit-minutes, minus transaction fees if any. The subscriber may be charged a transaction fee for the redemption, which is shared with the redemption office. Later, through the UMACH network settlement process, the redemption office sells these unit-minutes back to the network in order to recoup the money issued during the redemption.
In a preferred embodiment, after unit-minute transactions are completed, the system notifies both parties of the success of the transaction, and provides a unique transaction identifier that can be used for future reference and validation. A plurality of notification options are employed by the system, including but not limited to, voice response prompts, automated voicemail messages, email messages, text messages received via a pager or telephone and fax messages. In addition, the sender may have the option of being directly connected to the receiver after the transfer, in order to inform the receiver personally of the transaction.
The system of the present invention enables the described unit-minute transactions and others by serving as a point of interconnection between telecommunication networks, including prepaid telecommunication platforms, financial networks, including ATM/POS terminals, electronic funds transfer networks, such as FedWire and CHIPS, and the Internet. In a preferred embodiment, the system is comprised of a computer system, a database, a remote input server, such as a telecommunications switch, communicating with a subscriber input device, such as a wireless telephone, and preferably a notification subsystem, all of which communicate as necessary over a plurality of public and private networks.
For instance, in a preferred embodiment, the present invention leverages existing prepaid minute accounts stored within a prepaid telephone platform, rather than replacing them with the invention""s own minute accounts. Therefore, in order to perform the necessary unit-minute transactions, the unit-minute system must have read and write access to these accounts, and a converter for converting the existing prepaid minutes of the prepaid platform to the unit-minutes of the invention. Furthermore, any changes to data fields of the prepaid platform""s minute account that are accessed by both the prepaid platform and unit-minute system must be made using a method that guarantees transactional integrity. Such access may be accomplished by integrating the transaction processing subsystem of the unit-minute system""s computer system with the transaction processing subsystem of the prepaid platform by an adapter. Each system""s transaction processing subsystem will in turn communicate with its respective database as needed to update any changed fields. Once the two systems are integrated in such a fashion, changes made by either system to such shared fields will be communicated to both systems in a transactionally safe and reliable fashion.
Since subscribers and/or redemption office employees may initiate and control many of these unit-minute transactions, the system provides an easy means of user control or user interface. Furthermore, the more ubiquitous and convenient such device access is, the more useful customers will find the service. For this reason, the system allows subscribers to use a variety of access devices and methods; including telecommunication devices, such as telephones, financial network access devices, such as debit cards and ATM cards, digital computing devices, such as handheld computers or personal digital assistants, and/or human customer service representatives either in person or by telephone. In a preferred embodiment, existing telecommunication access devices, such as wireless telephones, communicate with a traditional telecommunication switch of the unit-minute system to control the system. Typically, this may be done by programming the switch, or it""s associated computer system, with the necessary interactive voice response (IVR) menus. Subscribers may then use their telephone to navigate and interact with the system via the same voice channel used for talking, either by pressing keys on their telephone or in some speech-recognition enabled systems by speaking commands.
Telephones with visual screens that allow user interaction provide another easy means of interfacing with the system. When these telephones are used, the communication between the telephone and the unit-minute system may or may not occur using voice channels and may instead occur using a data communication protocol such as the TCP/IP.
In the case when the telecommunication access device or other digital access device communicates using a data protocol, the computer system of the unit-minute system integrates with or contains the data protocol servers and adapters necessary to communicate with the device. For example, it is obvious that an Internet web site could be constructed with the user interface necessary to allow subscribers to perform all enabled unit-minute transactions. In this case, the unit-minute system remote input server includes a web server, which hosts the web site and communicates the user""s input, through the subscriber input device of a web browser to the computer system of the present invention.
The unit-minute system also allows its subscribers to use financial access devices such as ATM/POS terminals and ATM or debit/credit cards to access their prepaid unit-minute accounts. This innovation is accomplished by interfacing the computer system of the present invention with the ATM/POS financial networks. Because membership in these financial networks entails several industry-related requirements, interfacing such financial networks may be performed by means of intermediary computers system associated with a traditional bank or financial institution.
In addition, the UMACH network associated with the unit-minute system interfaces with interbank financial networks such as CHIPS or SWIFT in order to perform daily reconciliation and settlement among and with each member.
In a preferred embodiment, the system interfaces with wireless networks through its integration with the prepaid telecommunications system. Though the system does not need to interface directly with the wireless telecommunication network, the effect of the system""s integration is that the system is accessible by all associated wireless network subscribers.
The system preferably integrates with the public switched telephone network (PSTN) in order to enable inbound and outbound calls, and to send transaction receipts or notifications to its customers via voice recording, page or facsimile message. The system is also optionally interfaced with the Internet in order to send email messages, such as transaction receipts or notifications to customers.
Accordingly, it is a primary object of the present invention to provide a system and method which allows its subscribers to access the value associated with their stored value accounts for uses other than as originally intended, wherein the access is defined as the purchasing, transferring, redeeming and other advantageous use of unused prepaid telecommunication-time.
Accordingly, with respect to an example provided herein, it is also a primary object of -the present invention to provide a system and method which allows its subscribers to access the value associated with their prepaid telecommunication-time for uses other than placing telephone calls, wherein the access is defined as the purchasing, storing, exchanging, converting, transferring, redeeming and other advantageous use of unused prepaid telecommunication-time.
It is another object of the present invention to allow access of the value associated with their prepaid telecommunication-time by traditional telecommunication devices, such as telephones and any device operably associatable with the telecommunication lines of a telecommunication switching network. Access of the value may also be made through financial network access devices, such as debit cards and ATMs and any device operably associatable with financial networks. Access of the value may also be made through digital computing devices, such as handheld computers or personal digital assistants, or any device operably associatable with digital information networks. Access of the value may also be made through human customer service representatives either in person or by telephone.
It is a further object of the present invention to provide a system and method whereby telecommunication-time becomes a commodity, and exchanges and/or secondary markets and/or derivative markets exist, and wherein, telecommunication-time may be traded and/or hedged against, between countries, banks, telecommunication carriers, companies and other entities.
It is yet another object of the present invention to provide a method and system of providing such services without construction of new financial and telephone networks, but instead to leverage existing telephone and financial networks to implement such a system and method.
It is yet a further object of the present invention to provide a method and system of providing such services without relying on a new access device technology, but instead to leverage existing access device technology, including telephone, especially cellular or digital wireless telephone and financial network access devices to implement such a system and method.
It is still another object of the present invention to provide a method and system for banks and other financial institutions to enable their customers to use the value in their deposit accounts for acquiring telecommunication-time by interfacing a prepaid telecommunication system telecommunication-time account and the customer""s bank or other financial institution account.
It is still a further object of the present invention to provide a method and system of linking several unit minute vendors into one clearing-house network and reconciling and settling unit minute transfers among members.
Still other objects and advantages of the invention will in part be obvious and will in part be apparent from the following detailed specification.
The invention accordingly comprises the several steps and the relation of one or more such steps with respect to each of the others, and the systems embodying features of construction, combinations of elements and arrangement of parts which are adapted to effect such steps, all as exemplified in the following detailed disclosure, and the scope of the invention will be indicated in the claims.